Page 96 - Rbi

Rupee posts biggest weekly gain in 2024; appreciates 9 paise to 83.56

RBI's dollar buy prevent further strengthening

RBI bought net $6.93 billion in spot forex market in July: Bulletin data

RBI's net outstanding forward sales stood at $9.1 billion as of end-July, compared with a net sales of $15.84 billion at the end of the previous month, the data showed

RBI approves re-appointment of V Vaidyanathan as IDFC First Bank's MD & CEO

He took over as the MD and CEO of IDFC First Bank in December 2018, following the merger of Capital First and IDFC Bank

RBI lifts restrictions imposed on IIFL Finance's gold loan business

On March 4, 2024, the RBI imposed restrictions on IIFL Finance after observing deviations in assaying and certifying purity and net weight of gold at time of sanctioning loans and at time of auction

Experts divided on impact of Fed rate cut for emerging markets like India

Experts shared mixed views on the impact of the half-point benchmark rate cut by the US Federal Reserve, as some believe cheaper financing could boost investment flows, others said it could lead to a decline in returns on equity and a rise in gold prices. The US Federal Open Market Committee voted to cut the federal funds rate target range by 50 bps to 4.75-5 per cent, from 5.25-5.50 per cent, against expectations of a cut half that size. The US central bank had kept interest rates at an over two-decade high for 14 months. According to PHDCCI President Sanjeev Agrawal "We expect that the cut in the Federal Reserve rate could lead to a decline in returns on equity and a rise in gold prices". Echoing similar sentiments, Colin Shah, MD at Kama Jewellery, said this scenario must be taken positively, as the rate cut has opened doors for gold to scale new highs shortly, reinstating the might of the yellow metal as an investment haven. Some experts believe the Fed rate cut could lead to

RBI approves Aditya Birla Capital's merger with AB Finance; stock up 6%

After receiving approval from the Reserve Bank of India for the merger of Aditya Birla Finance with itself, Aditya Birla Capital awaits approval from the NCLT

RBI unlikely to cut rates in 2024 amid food inflation uncertainty: SBI

The Reserve Bank is unlikely to ease the benchmark policy rate during 2024 given the uncertainty over food inflation, State Bank of India (SBI) chairman C S Setty has said. The US Federal Reserve's first cut in interest rates in more than four years is expected soon, triggering central banks in other economies to follow suit. "On the rate front, a lot of central banks are taking independent calls. While Fed rate cut would influence everyone, RBI would be mindful of the food inflation before taking a call on interest rate cut," Setty, who took over the reins of the bank recently, told PTI in an interview. "That is what our view is, and our view is also that the rate cut during the current calendar year may not happen, probably we may have to wait for Q4 (January-March 2025) unless there is a good improvement in terms of food inflation," he said. The Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das is scheduled to meet during October 7-9 and take a call on inter

PM Modi encourages use of RBI's digital currency at Odisha scheme launch

The Prime Minister thanked women of the state for being part of it while launching the women-centric scheme in Bhubaneswar on Tuesday

Foreign banks in regulatory standoff seek RBI relief on trading rules

In October 2022, Esma de-recognised the Clearing Corporation of India, creating significant obstacles for European banks conducting large-scale transactions

Old lending practices a constraint in catering to agri sector: RBI dy guv

He highlighted that institutional credit to agriculture reached an all-time high of Rs 25.10 trillion during FY24

Rate cut hinges on inflation trajectory: RBI Governor Shaktikanta Das

Rupee strength driven by strong fundamentals, not because of artificial intervention

Indian companies file ECB plans worth $3.58 billion in July 2024

According to RBI data, among the prominent firms which have filed intent are ONGC Videsh Ltd for $800 million to be raised from an overseas branch of an Indian commercial bank

Cracking the whip: Banks may face bigger fines for non-compliance

Current penalties may not act as effective deterrent: Experts

RBI plans to revamp currency management infra to cater to future cash needs

The Reserve Bank plans to comprehensively revamp its currency management infrastructure over the next 4-5 years, mainly to ensure adequate storage and handling capacity to cater to the future cash needs of the growing economy. The creation of greenfield currency management centres, the introduction of warehouse automation, the installation of security and surveillance systems, an inventory management system, and a centralised command centre are being mooted to modernise the existing infrastructure, according to an RBI document. The expected timeline for the whole project is 4-5 years, according to the expression of interest (EoI) issued by the Reserve Bank of India (RBI) for procurement of consultancy and project management services for the modernisation of currency management infrastructure. "Despite moderation in the growth rate of NIC (Notes In Circulation) in the last three years, analysis indicates that the growth will continue to be positive over the foreseeable future though

Govt may set up panel to ensure compliance by online gaming platforms

An inter-departmental committee with representatives from ED, RBI, tax and consumer affairs departments may be set up to combat the proliferation of online gaming platforms and ensure regulatory compliance, a DGGI report said. The GST intelligence wing of the Central Board of Indirect Taxes and Customs (CBIC) has initiated action against 118 domestic online gaming entities, and Show Cause Notices have been issued to 34 taxpayers involving tax amount of Rs 1,10,531.91 crore. The notices were issued to these gaming companies as they were not paying GST at 28 per cent rate. Furthermore, 658 offshore entities have been identified as non- registered/non-compliant entities and are being investigated by the DGGI. Also, 167 URL/websites have been recommended for blocking. The Directorate General of GST Intelligence (DGGI) annual report 2023-24 flagged that online money gaming' is a "high-risk" industry for tax evasion, money laundering, cyber frauds, juvenile delinquency and various ...

Sebi, RBI and Irdai: How financial regulators are appointed, removed

Tenures across organisations often range from three to five years with the possibility of reappointment

Short-sellers may target banks with large CRE exposure: RBI governor Das

'We still have distance to cover,' Das says on inflation

Higher credit costs may impact growth of SBI Cards and Payment Services

SBI Cards and Payment Services, the only listed pure-play card issuer, saw weak growth at 3.5 per cent Y-o-Y in July

Outward FDI increases to $3.2 billion in August 2024, shows RBI data

Equity commitments more than double Y-o-Y to $1.14 bn

RBI imposes penalty on BNP Paribas, 3 others for compliance lapses

The Reserve Bank of India on Friday said it has imposed a penalty of Rs 31.8 lakh on BNP Paribas (the bank) for certain deficiencies in statutory and regulatory compliance. The central bank has also imposed penalties on Hewlett Packard Financial Services (India), SMFG India Credit Company, and Muthoot Vehicle & Asset Finance for non-compliance with certain norms. In a statement, the RBI said the penalty has been imposed on the bank for non-compliance with certain directions issued by it on 'Interest Rate on Advances'. Giving details, it said the statutory inspection for Supervisory Evaluation of the bank was conducted by it with reference to its financial position as of March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to BNP Paribas, advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank's